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Supras and agencies

EU impresses with first SURE deal of 2021

The European Union continued where it left off last year as it returned to the bond market this week with another jumbo deal that attracted a huge order book for the first deal of the year under its Support to Mitigate Unemployment Risks in an Emergency (SURE) funding programme.

Burhan Khadbai, January 28, 2021
FIG People and Markets

EU questions ‘feasibility’ of MREL for small banks

Small and medium-sized European banks could be looking at adjustments to their minimum requirements for own funds and eligible liabilities (MREL), or longer transition periods, following a review of the EU crisis management framework this year.

Tyler Davies, January 28, 2021
ABS

GreatAmerica returns with first small ticket equipment ABS of the year

Small ticket equipment lender GreatAmerica is preparing a $630m transaction, returning to a sector still weighed down by a small business-heavy borrower base impacted by government-mandated shutdowns.

Jennifer Kang, January 28, 2021
LevFin Leveraged Loans

Klöckner Pentaplast takes ESG ratchet to dollar mart

Plastics packaging firm Klöckner Pentaplast (KP) has included an ESG margin ratchet in the loan leg of a refinancing, the first time this has been added to a dollar-denominated loan, though the structure is becoming increasingly common in euros.

Owen Sanderson, January 28, 2021
Hybrid

Patchy hybrid response will not put off more subordinated trades

Europe’s corporate bond investors had the chance to pick up some paper from the riskier end of their credit spectrum as the week began, with Portuguese power company Energias de Portugal (EDP) and Swedish housing firm Heimstaden Bostad out with hybrid capital issues.

Mike Turner, January 28, 2021
LevFin High Yield Bonds

TalkTalk and Thames tap in sterling

UK broadband company TalkTalk sold an add-on to its existing high yield notes this week, raising new term debt to pay down its revolver. The company is subject to a takeover bid from Toscafund and Penta Capital, which will leave its existing bonds in place, but grant them security, as well as layering in extra leverage with a PIK toggle from Ares.

Owen Sanderson, January 28, 2021
Equity

Equity investors wobble as value fears rise despite Reddit rocket

US equity markets suffered their worst single day since October on Wednesday, as equity investors reacted to growing concerns over stock valuations and fears of Covid-19 vaccine disappointment. Equity capital markets bankers hope that investor sentiment will hold for new deals, even if global markets take a turn for the worse. Sam Kerr reports.

Sam Kerr, January 28, 2021
RMBS

Kensington brings landmark ‘social RMBS’ to Europe

Kensington Mortgages is bringing the first labelled social RMBS in Europe, a landmark transaction set to be followed by others, as the securitization market catches up to other capital markets which have more readily adopted ethical frameworks. By Tom Brown.

Tom Brown, January 28, 2021
LevFin High Yield Bonds

TeamSystem sells bond for second fund-switch deal

Hellman & Friedman refinanced the capital structure of portfolio company TeamSystem this week as it moved ownership between funds. H&F recently completed a similar transfer of its Verisure holding but, unlike that switch, this move isn’t accompanied by a monster dividend payment to the new fund, although the TeamSystem deal still boosts leverage.

Owen Sanderson, January 28, 2021
High grade and crossover bonds

Will ESG-linked debt prosper in private debt?

European and US direct lending’s insatiable rise to relevance has so far not brought with it a push towards sustainable finance. But this year may be different, as certain private debt funds are setting out ESG blueprints for others to follow.

Silas Brown, January 28, 2021
LevFin High Yield Bonds

Biogroup bond debut shines in unsecured

Biogroup’s debut in the high yield bond market has become one of the tightest ever triple-C rated issues, validating the former loan-only company’s decision to turn to public markets to add subordination to the refinancing of its capital structure.

Owen Sanderson, January 28, 2021
LevFin High Yield Bonds

Trafigura returns to euros after long wait

Trafigura returned to the bond market in euros this week, having been absent since 2015. The commodities trading giant is diversifying its access to funding and is also producing its debut Schuldschein issue alongside the €400m bond.

Owen Sanderson, January 28, 2021

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